Turnover by value up 37%

Activity was off the recent weeks' lows and, at Lm346,145, 37 per cent higher than last week. All equities made an appearance on the trading board. International Hotels Investments plc (IHI) was the week's top performer, gaining 3.7 per cent, followed by Medserv plc (MDS)'s 2.2 per cent. On the other hand, GlobalCapital plc (GCL) suffered the biggest blow shedding 3.4 per cent.

IHI started Monday at €1.09,9, advancing steadily to a €1.13 close. Tuesday saw the price slip to a €1.10 close but recovered to €1.11 on Wednesday. Renewed buying activity on Thursday saw the price regain the €1.13 mark, while yesterday saw IHI climb to an all-time record closing high of €1.14. During the week 145,229 shares changed hands for a total value of Lm69,661 - 20 per cent of the week's overall total. On Wednesday the company announced that shareholders approved all the resolutions on the agenda at the extraordinary general meeting.

MDS gained 2.2 per cent as 19,900 shares were traded for a total value of Lm27,767 this week. It started on the right foot on Monday closing at Lm1.38. Tuesday saw MDS close at its 2006/2007 high of Lm1.40, the price at which all the 10,700 shares were traded on Thursday.

Plaza Centres plc only traded on Tuesday as 6,000 shares were traded for a total value of Lm4,260 with the price advancing to 71c - 1.3 per cent ahead.

Fimbank plc (FIM) was the only other stock that registered a gain this week. It traded on Monday and Tuesday at US$1.73 before advancing to US$1.74 on Thursday, for a week-on-week gain of 0.6 per cent. A total of 30,702 shares were traded for a value of Lm17,629.

Lombard Bank plc (LOM) and Simonds Farsons Cisk plc (SFC) were flat closing at Lm5.40 and 82c respectively. LOM only dealt yesterday with 1,500 shares traded for a total value of Lm8,105. SFC traded on Monday and yesterday. It opened on Monday at 81c5 and advanced to an 82c close, retaining the same price yesterday.

Malta International Airport plc (MIA) was only active on Monday and Thursday. On Monday, MIA traded in a narrow range of Lm1.38,1 and Lm1.38 as 13,710 shares changed hands. Thursday's sole deal for 969 shares was effected at this latter price for MIA to close the week just 0.4 per cent down. At the end of the session, best bids were for 2,360 shares at Lm1.34 while offers for 1,031 shares started at Lm1.36,5.

Bank of Valletta plc (BOV) opened on Monday at Lm3.66,8, easing back to a Lm3.67 close. All of Tuesday's deals were struck at this price barring the final deal, matched at Lm3.67,9. Wednesday's slow session again saw BOV close at Lm3.67 while it slipped a cent on Thursday to Lm3.66. It continued lower yesterday to close the week at Lm3.65,1 - 0.8 per cent down for the week. Turnover by value reached Lm70,760 as 19,303 shares were traded this week. At the end of trading, best bids totalled 770 shares at Lm3.65,1, while supply of 1,500 shares started at Lm3.66.

Middlesea Insurance plc (MSI) shed a cent on Monday to Lm2.04, retaining this price for Tuesday's deals. It continued to lose ground on Thursday closing at Lm2.03 for a one per cent drop on the week on turnover of 7,384 shares.

Maltacom plc (MLC) was flat on Monday and Tuesday as a total of 600 shares were traded - one deal on each day - at Lm1.48. On Wednesday it opened at this price, dropped to Lm1.46 and bounced back to Lm1.48. It opened on Thursday at Lm1.48 but dropped two cents five minutes from the closing bell. It did not trade yesterday. During the week only 6,200 shares were traded for a value of Lm9,093 as the price shed 1.3 per cent. At the end of the session, the best bid was for 1,050 shares at Lm1.46 and the best offer for 1,128 shares at Lm1.48.

In HSBC Bank Malta plc (HSBC) a total of 39,523 shares changed hands for a total value of Lm82,419 this week. It opened on Monday at Lm2.10 and was stable for most of the session, falling to Lm2.09,7 for the final deal. Tuesday's quiet session saw 1,250 shares traded at the slightly lower price of Lm2.09,5. HSBC drifted lower, falling to Lm2.08,6 on Wednesday and lower still to Lm2.08 on Thursday. Yesterday's trade was completed at this latter price to register a 1.38 per cent loss for the week. At the end of trading, the best bid was for 1,076 shares at Lm2.07, while the best offer for 1,400 shares stood at Lm2.08.

GCL was the week's worst performer. After a two-week absence, it shed 7c4 or 3.4 per cent to fall to Lm2.12,5, the price at which the week's 7,913 shares were traded for a value of Lm16,815.

The Alternative Companies' List, Datatrak plc (DTK) closed unchanged at 24c5 with 7,921 shares changing hands.

In the government bond market 47 deals were completed for a turnover by value of Lm692,348. The most active stock was the 5.4 per cent MGS 2010 (iv) with a total value of Lm477,284. In the corporate bond market turnover by value reached Lm41,520 spread over 29 deals.

Report by Financial Planning Services Limited, tel. 2134 4244, fax. 2134 1202, email: info@bonellofinancial.com

Financial Planning Services Limited is licensed by the MFSA to provide investment services, including stockbroking (IS/3608). The Directors or related parties, including the company, and their clients, are likely to have an interest in securities mentioned. This article is only meant to provide information and is not intended to give investment advice. The value of securities, and the currencies in which they are denominated, may go down as well as up.